4 Feb

Build up deposit before entering market, expert advises

Build up deposit before entering market, expert advises

First-time buyers have been advised to build up as much of a deposit as they can before entering the housing market.

Commenting on raffles that have been set up to win homes, first-time buyer specialist FirstRungNow.com stated that gambling money is unlikely to be the best option for investors.

Managing director Helen Adams suggested that those who feel they can afford to risk the cash and believe a raffle is being run legitimately may want to take a chance.

But she added: "My advice is for people … to start saving towards a deposit for when they can afford to start moving on to the property ladder."

Last week Abbey found that many first-time buyers are indeed building up more money in order to purchase a home.

It revealed that 38 per cent of those who are already saving for this purpose intend to increase the amount they put away this year.

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